Today we’d like to introduce you to Patrice Malloy.
Hi Patrice, we’re thrilled to have a chance to learn your story today. So, before we get into specifics, maybe you can briefly walk us through how you got to where you are today.
Malloy Management Group stands against the lack of financial education and support that minority female founders, CEOs, and small business owners experience compared to large corporations and other non-minority groups. My mission is to empower these marginally affected women-owned led businesses to master their finances, strategically leverage other income sources to grow and scale their business, and create a blueprint for financial independence, fundability, and stability. The desire to assist these BIPOC women came about from personal experience in the corporate workforce. I was typically one of the few and many times the only minority woman to hold my position (whether that was a project or program manager or a VP). I could not understand why there were so few women of color in managerial or C-Suite positions with all of the progression that had been made in the DE&I space. Additionally, I saw the disparity in pay and market share in comparison to other ethnicities who were in the same position and knew that I had to provide a space where everyone could have access to education, information, and the opportunity to thrive in their own businesses. Finally, I understand the challenges and can provide a path forward to remove the proverbial shackles they have placed upon them. My firm is uniquely positioned to help these women to build a foundation for generational wealth because I have been where they are. MMG’s goal is to create a transformation that will produce highly confident, financially intelligent, and empowered business owners. We specialize in accounting and CFO services (Controllership), coaching and consulting, tax preparation and strategy, and financial planning for female founders and entrepreneurs. Through these services, training, and education, we empower women to create financial independence and opportunities to create generational wealth for their families.
I became an entrepreneur/small business owner because I understood the logic behind working for yourself and creating financial independence vs. working to build someone else’s dream/retirement. I first came upon this mindset shift when I read Robert Kiyosaki’s “Rich Dad, Poor Dad.” I knew that I wanted to be able to produce at the highest levels and impact people without limits. That is when the MMG mission was born. I was determined to build a foundation for female BIPOC entrepreneurs to structure their business entities in a way that will increase profitability, help them to master their bookkeeping and finances, and drastically reduce their tax bills. By creating additional income, we could facilitate a plan for retirement that typically is not taken into consideration when we (especially women) work for ourselves. It is our mission to ensure that no business is left behind when it comes to understanding the ins and outs of their finances. We empower the community to master their finances, understand how business funding and business profiles work, and teach future leaders how to leverage the resources that can be made available to them so that they are no longer bootstrapping their way to debt versus ascending to success. Finally, I want to show my daughter that she can do anything that she sets her mind to and that there is no limit to her greatness.
Alright, so let’s dig a little deeper into the story – has it been an easy path overall, and if not, what were the challenges you’ve had to overcome?
Launching my business has not been smooth. I bootstrapped my firm with the income I made from my full-time corporate job and savings. 2021 was especially challenging. I spent a lot of money on ads in 2020 but did not reap the fruits of the labor because my business account (like many others) was shut down during the election period. This is important to highlight because I was in the process of launching my coaching program, which would have been an invaluable resource for female entrepreneurs across the globe. In addition to ad-related financial loss, I experienced a decline in clients, which impacted the business. I had to return to a corporate job to cover the costs of living expenses, which has been a blessing. In that same vein, it has taken me away from my passion and purpose, which was to empower female founders to master their finances so that they can create a business that is fundable, stable, and profitable. I know what I was put on this Earth to do. I was put here to be an entrepreneur that made an impact on hundreds of thousands of women all over the world. My mission has been slightly delayed, but it has not been derailed. There were many months that passed when I had no business income; however, I knew that I could create financial transformation in the lives of my clients, and I refused to let my dream fizzle.
Thanks – so, what else should our readers know about Malloy Management Group?
Malloy Management Group specializes in accounting and CFO services (Controllership), coaching & consulting, tax preparation and strategy, and financial planning for scaling female founders, investors, and high-net-worth individuals. We are uniquely positioned to help these women to build a foundation for generational wealth. We can empower female entrepreneurs across the globe by using technology, processes, procedures, and systems. MMG aims to create a transformation that will produce highly confident, financially intelligent, and empowered business owners. My approach to assisting my clients is to keep it simple. Entrepreneurs do not want to know the mechanics behind their financials; however, they do need to understand how to make informed financial decisions. My mission is to empower these women to do just that. I break down the fundamentals of finances (cash flow, budgeting, forecasting, and setting financial goals) and help my clients achieve their goals with strategy and data. I essentially take the financial jargon (similar to technical requirements) and break them down so that anyone can clearly understand what is happening. (Similar to business requirements)
I break down the fundamentals of finances (cash flow, budgeting, forecasting, and setting financial goals) and help my clients achieve their goals with strategy and data. I essentially take the financial jargon (similar to technical requirements) and break them down so that anyone can clearly understand what is happening. (Similar to business requirements) I am uniquely positioned to do this as I possess over 20 years of experience in finance, banking, taxes, insurance, and wealth management.
What quality or characteristic do you feel is most important to your success?
I believe that my drive to help people has been the most important quality of my success. If we unpack this a little further, I can confidently say that my ability to clearly understand the challenges that my clients face helps to alleviate a lot of the guilt, shame, and overwhelm that they feel. Additionally, the combination of wanting to educate and empower the people that I work with is what truly contributes to the success of my firm. Finally, I live by the mantra “no client left behind.” Because a core value of my firm is to leave people better than you found them, we work diligently and tirelessly to assist our clients.
Contact Info:
- Website: https://www.malloygroupinc.com
- Instagram: https://www.instagram.com/yourfavetaxstrategist
- Youtube: https://www.youtube.com/channel/UC-GDphLwW4Gac7QM0h2_B8A
